I recently took out a mortgage along with my nephew.He had a subprime mortgage and I wanted to help him get a better rate because i had excellent credit.The mortgage is in my name and he is the cosigner.I dont live there,I have my own house. Right now things do no look good.He's months behind on the mortgage.If they forclose on the property,can the bank put a lien on my house which is paid for.
P.S My name is also on the deed along with his.

I think you should visit the county recorder's office to check if there is a lien on or the property or not. You can also engage a title search company to know about the lien on the property. If there is a lien on the property, the county recorder must be having a document stating it. You can get a duplicate copy of that document.

Mortgage companies can put a lien on your other properties, if there's a deficiency from the foreclosure. They can obtain a judgment against you and can even garnish your wages. However, much depends on which state you are in. If you are in an anti-deficiency state, the lender will not be able to come after you for the deficiency and thus, will not be able to put lien on your other properties.

Some states have "anti-deficiency" laws which protect the owners of real property used as primary residence in case of foreclosure. In such states, the lender will only be able to recover the property and sell it off to get as much dues as possible. The home owner will not remain responsible for paying any deficit balance between the sale proceeds and the outstanding loan balance. Thus, the home owner will be able to walk away from the property without owing a deficiency judgment amount. However, this law will provide no protection for second mortgages or home equity lines.

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